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20 February 2014

Integrating Europe
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Articles from 13 February 2014 - 20 February 2014

Political

MEPs and national counterparts discuss Parliaments' role in global governance
The EU Parliaments in Global Governance Forum brought together MEPs and their national counterparts in Brussels to discuss how parliaments can play a bigger role in transnational decision-making.  View Article
Reuters: EU must rebuild unity, address populists' concerns - Finnish PM
Finnish centre-right leader Jyrki Katainen said that mutual resentment between citizens of northern creditor states and poorer debtor countries was fuelling euroscepticism and posed a threat to the 28-nation bloc's unity.  View Article
Carnegie Europe/Techau: The great European battle between necessity and identity
The EU is facing a serious dilemma: how to reconcile the need for more integration with a growing sense of lost national identity. The answer is more democracy, writes Techau.  View Article
The Eiffel Group: For a Euro Community
The Eiffel Group proposes a Euro Community, open for other European countries to join, and with a positive global outlook, not because the euro would be an end point in itself, but rather because it expresses a common destiny.  View Article

Financial

Banks, Greece and SME access to loans top agenda in ECON meeting with Dijsselbloem
It is high time that finance ministers accepted a bank resolution system that is less prone to political power games, and that they changed tack on Greece's debt sustainability, MEPs urged at the parliamentary hearing of Eurogroup President Dijsselbloem.  View Article
Remarks by Jeroen Dijsselbloem and Olli Rehn at the press conference following the Eurogroup meeting
The February Eurogroup covered the ESM's direct recapitalisation instrument, the Single Resolution Fund, the economic situation, and the state of play on programme countries Cyprus and Greece.  View Article
ECB/Praet: Reforms and growth in the euro area
Speaking in Lisbon, Praet observed that despite difficulties, the impetus for reform had been stronger in the stressed countries. The reform process should therefore be strengthened in all euro area countries, he said.  View Article
Nowotny criticises GCC's ruling on OMT
Austrian Central Bank Governor Ewald Nowotny has criticised the German Constitutional Court's recent ruling on the ECB's bond-buying programme, saying that the Court's definition of monetary policy is "extremely restrictive and, to a degree, dangerous".  View Article
Commissioner Barnier: From crisis responses to defining a new ambition for Europe
Commissioner Barnier highlighted the main challenges the EU is facing: continuing to stabilise the European financial sector; consolidating the euro area by furthering the Banking Union and reaching an effective resolution process; and taking bold measures to boost competitiveness and growth.   View Article
Main results of the ECOFIN Council: SSM / SRM
The Council took note of the ECB's first quarterly report on the SSM, and discussed the possible adjustments to the Council's general approach reached in December 2013 on the SRM. It acknowledged a need for flexibility in order to reach an agreement with the EP on the SRM before the May elections.  View Article
ECON Committee: Single bank resolution mechanism and fund - Key principles for successful negotiations
The lead EP negotiators have highlighted their key criteria to ECOFIN ministers, stressing that these elements would allow for taxpayer protection, a swift and efficient decision-making process, and equal treatment of banks.  View Article
Commissioner Barnier: Intervention in the SRM discussions
Barnier discussed the discrepancies between the Parliament's and the Council's positions on the SRM, suggesting compromises.   View Article
Remarks by Eurogroup/Dijsselbloem at ECOFIN press conference on the special IGA/SRF ministerial meeting
The aim of the special meeting was to review the main open issues regarding the IGA that have arisen since negotiations started in January. Dijsselbloem said "quite some progress" had been made, and all participants were determined to reach an agreement by the end of March on the total package.  View Article
Deposit guarantee schemes: ECOFIN Council confirms agreement with EP
ECOFIN confirmed an agreement with the EP on a recast of rules on deposit guarantee schemes. Maintaining a coverage level of €100,000 per deposit, the draft directive harmonises the framework for DGSs across the EU and enhances depositor protection, simplifying coverage and pay-out arrangements.  View Article
ECB/Cœuré: The best safeguard against banking crises is tough supervision
In an interview with Slovenian publication Delo, Cœuré underlined the necessity for a strict and conservative approach when stress-testing banks.  View Article
CEPS/Gros: Europe's ungainly banking revolution
This commentary finds that the plan for the gradual constitution of a common resolution fund constitutes merely an awkward step in the right direction - it leaves as many problems unresolved as it addresses.  View Article
IMF note on global prospects and policy challenges
In its assessment ahead of the G20 meeting in Sydney, the IMF says recovery from the deep global recession has been disappointingly weak and urges stronger cooperation between developed and developing countries. It warns that deflation in the eurozone is a key new risk for the world economy.  View Article
Bloomberg: Schäuble counters push to speed common euro bank failure fund
Germany's finance minister blocked efforts by his European counterparts to speed the move to a common resolution fund as they rush to create a system for handling failing euro area banks.  View Article

Economic

ECOFIN Council conclusions on Annual Growth Survey / 2014 European Semester: Macro-economic and fiscal guidance to Member States
ECOFIN emphasised the need for continued determined and ambitious implementation of agreed policies at EU level and reform commitments as identified by the CSRs, and agreed on the five broad policy priority areas on which national and EU level efforts should concentrate in 2014.  View Article
ECOFIN Council conclusions on Alert Mechanism Report 2014
ECOFIN welcomed the Commission's third Alert Mechanism Report (AMR), providing the starting point of the Macro-economic Imbalance Procedure (MIP) in the context of the 2014 European Semester.  View Article
Eurogroup President Dijsselbloem on restoring economic growth in Europe
In his speech at the OECD seminar, Dijsselbloem emphasised the importance of structural reforms to increase growth potential.  View Article
Commissioner De Gucht in Washington: Towards the TTIP - Stepping up a gear
Commissioner De Gucht met with US Trade Representative Froman to review progress on the TTIP. Following two days of meetings, De Gucht said that the negotiations had made good progress and now needed to step up a gear. (Includes letter from trade ministers and further comments.)  View Article
ECFIN economic paper: Consolidation on the revenue side and growth-friendly tax structures - An indicator based approach
This paper examines two macro-economic tax challenges at Member State level, namely the potential need and scope for: (i) shifting taxes away from labour; and (ii) increasing revenue to help fiscal consolidation.  View Article

Budgetary

Main results of the ECOFIN Council: EU Budget / Portugal EAP
The Council adopted: A recommendation to the EP on the discharge to be given for implementation of the EU's general 2012 budget; conclusions setting priorities for negotiations with the EP on the 2015 budget; a decision modifying the conditions underpinning financial assistance to Portugal.  View Article

Member State events

ESM/Regling: Eurozone banks in good shape coming up to stress tests
In an interview with SZ, Regling said he believed the banks in Spain, Portugal, Cyprus, Greece and Ireland were in good shape and that there would not be any surprises in the ECB stress tests later this year.  View Article
Bruegel: The Troika and financial assistance in the euro area - Successes and failures
This study, prepared for the ECON Committee, provides a systematic evaluation of financial assistance for Greece, Ireland, Portugal and Cyprus. The authors propose three criteria to assess whether programmes are successful.  View Article
ECFIN: Tenth review of the economic adjustment programme for Portugal
The troika concluded that the programme implementation is broadly on track. The end-2013 fiscal deficit target of 5.5 per cent of GDP is well within reach. Approval of the conclusions of this review will allow the disbursement of €2.7 billion.  View Article
IMF: Portugal: Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of end-December Performance Criteria
The short-term outlook has improved and programme implementation remains on track, notwithstanding another adverse Constitutional Court ruling. However, with its high debt ratios and large refinancing needs, Portugal remains susceptible to abrupt changes in market sentiment.  View Article
BoS/Linde: Exiting the economic crisis
Speaking in Madrid, Linde looked at the complexity of the current economic juncture and the challenges that must be overcome to ensure that the incipient recovery leads to an increase in Spain's long-term growth capacity.  View Article
Italy's Letta resigns; centre-left leader Matteo Renzi asked to form government
The Italian President has formally asked Renzi to form a government and take over as PM. VP Rehn said he was confident Italy's political transition would be smooth and that the new government would continue to pursue economic reforms. However, Fitch Ratings said it underscored the volatility of Italian politics.  View Article
Tim King: Why Europe beckons for Letta
Writing for European Voice, King says that the discarded Italian prime minister's ambiguous political antecedents make him a plausible candidate for European presidencies.  View Article
Franco-German summit in Paris: For "the revival of Europe"
At their 16th bilateral meeting, France and Germany set out plans for "the revival of Europe" after two years of frosty relations. The two leaders and their cabinets discussed i.a. efforts to revive the FTT project, pledging to reach a deal on this by the end of May.  View Article
FT: French President pledges fixed tax regime for foreign investors
President Hollande has promised guaranteed limits on taxes and a simplified administrative regime for foreign investors, as he looks to enlist help from abroad in boosting France's sluggish economy. He also said that he will look to bring corporate tax rates in line with those in Germany  View Article
President Barroso: Reforming Europe in a changing world
"The right thing to do is not to turn away but to engage and see what we together can do to make it better", Barroso said in a speech at the London School of Economics. "If you don't like Europe as it is, improve it."  View Article
VP Reding: The UK and the EU – inevitably drifting apart?
Speaking in Cambridge, Reding warned that the City should not expect unfettered access to the single market if the UK were to vote to leave the EU, saying that such a move would reduce its status to that of an offshore centre. (Includes comments by EC secretary general Catherine Day.)  View Article
TheCityUK publishes latest step in comprehensive EU Research Programme
The poll conclusively reveals that the UK's decision on staying in the EU or exiting will be most swayed by economic factors and what will create jobs, with most people wanting to hear far more from business leaders on Europe.  View Article
President Barroso and Prime Minister Rutte discuss EU priorities
The two leaders discussed the division of competences between the EU and its Member States, and how EU leaders should engage with citizens ahead of the upcoming EP elections.  View Article
EUobserver: Czech government to give up EU Charter opt-out
The Czech Republic is to abandon its opposition to the EU's charter of rights and the fiscal compact treaty, in a sign that there could be warmer relations between Prague's new government and Brussels. The move was welcomed by Andrew Duff MEP, the long-standing rapporteur on the matter.  View Article





© Graham Bishop

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